AutoZone (NYSE:AZO) Price Target Increased to $3,501.00 by Analysts at Truist Financial

AutoZone (NYSE:AZO) had its price objective raised by research analysts at Truist Financial from $3,341.00 to $3,501.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s price target would suggest a potential upside of 12.01% from the company’s current price.

Several other brokerages have also recently issued reports on AZO. The Goldman Sachs Group cut shares of AutoZone from a “buy” rating to a “sell” rating and cut their target price for the stock from $3,205.00 to $2,917.00 in a report on Monday. Citigroup cut their target price on shares of AutoZone from $3,787.00 to $3,500.00 and set a “buy” rating on the stock in a report on Wednesday, September 25th. Morgan Stanley raised their target price on shares of AutoZone from $3,038.00 to $3,125.00 and gave the stock an “overweight” rating in a report on Wednesday, September 25th. Wedbush restated an “outperform” rating and issued a $3,200.00 target price on shares of AutoZone in a report on Thursday, September 19th. Finally, BNP Paribas upgraded shares of AutoZone to a “strong-buy” rating in a report on Wednesday, September 25th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, thirteen have given a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $3,175.75.

AutoZone Price Performance

NYSE AZO traded down $4.14 on Monday, reaching $3,125.64. 14,250 shares of the company’s stock traded hands, compared to its average volume of 139,862. AutoZone has a 12 month low of $2,375.35 and a 12 month high of $3,256.37. The stock has a 50-day simple moving average of $3,130.48 and a 200 day simple moving average of $3,006.79. The stock has a market cap of $53.40 billion, a PE ratio of 21.46, a P/E/G ratio of 1.59 and a beta of 0.70.

AutoZone (NYSE:AZO) last issued its quarterly earnings results on Tuesday, September 24th. The company reported $48.11 EPS for the quarter, missing analysts’ consensus estimates of $53.31 by ($5.20). AutoZone had a net margin of 14.40% and a negative return on equity of 52.99%. The business had revenue of $6.21 billion for the quarter, compared to the consensus estimate of $6.25 billion. During the same quarter in the previous year, the business earned $46.46 earnings per share. The firm’s revenue was up 9.0% on a year-over-year basis. As a group, analysts anticipate that AutoZone will post 157.99 EPS for the current year.

Insider Transactions at AutoZone

In other news, Chairman William C. Rhodes III sold 13,000 shares of AutoZone stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $3,107.15, for a total value of $40,392,950.00. Following the completion of the transaction, the chairman now owns 13,857 shares of the company’s stock, valued at $43,055,777.55. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Chairman William C. Rhodes III sold 13,000 shares of AutoZone stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $3,107.15, for a total value of $40,392,950.00. Following the completion of the sale, the chairman now directly owns 13,857 shares in the company, valued at approximately $43,055,777.55. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP John Scott Murphy sold 1,580 shares of AutoZone stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $3,107.69, for a total value of $4,910,150.20. Following the completion of the sale, the vice president now owns 1,218 shares of the company’s stock, valued at $3,785,166.42. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 14,880 shares of company stock valued at $46,225,660 in the last quarter. 2.50% of the stock is owned by insiders.

Institutional Investors Weigh In On AutoZone

Large investors have recently bought and sold shares of the business. Rise Advisors LLC purchased a new stake in shares of AutoZone during the 1st quarter valued at about $32,000. Riverview Trust Co purchased a new stake in shares of AutoZone during the 1st quarter valued at about $41,000. Meeder Asset Management Inc. increased its position in shares of AutoZone by 50.0% during the 2nd quarter. Meeder Asset Management Inc. now owns 15 shares of the company’s stock valued at $44,000 after purchasing an additional 5 shares during the last quarter. E Fund Management Hong Kong Co. Ltd. purchased a new stake in shares of AutoZone during the 2nd quarter valued at about $50,000. Finally, ORG Partners LLC purchased a new stake in shares of AutoZone during the 2nd quarter valued at about $50,000. 92.74% of the stock is currently owned by institutional investors.

AutoZone Company Profile

AutoZone, Inc retails and distributes automotive replacement parts and accessories in the United States, Mexico, and Brazil. The company provides various products for cars, sport utility vehicles, vans, and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products.